Gold, Silver, Platinum Forecasts – Gold Pulls Back As Dollar Moves Higher
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Key Insights
- Gold declined below the $2000 level as U.S. dollar gained ground against a broad basket of currencies.
- Silver moved towards the $23.50 level.
- Platinum is losing ground amid profit-taking.
Gold
Gold pulls back as U.S. dollar rebounds. Traders react to the better-than-expected job market data from the U.S., which may force the Fed to be more hawkish.
From the technical point of view, gold failed to settle above the $2000 level and is moving towards the $1975 – $1985 level.
Silver
Silver is also losing ground amid a broad pullback in the precious metals markets, which was triggered by stronger dollar.
In case silver settles below the support at $23.40 – $23.60, it will head towards the next support level, which is located in the $22.25 – $22.50 range.
Platinum
Platinum pulls back as traders take some profits off the table after the strong rally from November lows.
If platinum declines below the $925 level, it will head towards the 50 MA at $900.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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